U.S. Treasury Order Affects Title Companies in Bexar, Tarrant or Dallas Counties
Requirements went into effect Aug. 28, 2016 and were updated effective Nov. 12, 2019. The order has been extended through May 9, 2020.
In an effort to identify money-laundering schemes, the U.S. Treasury Department Financial Crimes Enforcement Network (FinCEN) has issued an updated Geographic Targeting Order (GTO)
requiring all title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of real estate. The purchase amount threshold remains $300,000 or more for each covered metropolitan area. In Texas, these reporting requirements are limited to transactions occurring in Bexar, Tarrant or Dallas counties.
GTO Details (updated Nov. 8, 2019)
FinCEN Press Release re: Revised GTO
Geographic Targeting Order (GTO)
FinCEN Frequently Asked Questions (FAQs)
ALTA Article Regarding FinCEN’s Revised GTO